Shovels broke the ground for a new community of 60 apartments affordable to families in Newark’s Central Ward on Thursday.
Somerset Brownstones, the last phase of redevelopment of the former Douglass Harrison Homes site, is developed by The Michaels Organization and financed in part by New Jersey Housing and Mortgage Finance Agency.
The complex will provide two- and three-bedroom apartments in four new buildings for low- and moderate-income residents with incomes up to 60 percent of the area median income.
Construction is expected to be completed by November 2020. Fifteen apartments will provide permanent housing for homeless residents, with priority given to homeless veterans.
“Gov. Murphy and I are dedicated to redefining New Jersey’s communities by increasing access to high-quality, affordable places for people with all income levels to live,” said Lt. Gov. Sheila Oliver, who serves as commissioner of the Department of Community Affairs and NJHMFA board chair. “Redevelopment projects like Somerset Brownstones helps low-income families achieve a better quality of life while transforming neighborhoods in New Jersey.”
NJHMFA awarded very competitive 9 percent Low Income Housing Tax Credits to the $19 million project, which generated $11.3 million in private equity.
Somerset Brownstones shares an eastern border with Douglas Park, a city-owned park built by Michaels, which will create an additional park as part of the Somerset Brownstones development on land adjacent to Harrison Park Square.